More Than One Year Delay In Resolving Dispute Regarding Foreclosure Charges, Ambala District Commission Holds IDFC First Bank Liable

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In a recent case, the District Consumer Disputes Redressal Commission, Ambala, held IDFC First Bank liable for deficient services due to prolonged delay in resolving a dispute over foreclosure charges. The complainants had taken two loans from the bank but faced demands for foreclosure charges despite loan conditions and RBI norms suggesting otherwise. The bank's delay in issuing necessary documents worsened matters, prompting the commission to order compensation of Rs. 80,000 for the delay period from April 2022 to March 2023. The commission also directed the bank to cover litigation expenses of Rs. 5,000. The ruling highlighted the bank's failure to adhere to regulatory guidelines and provide timely redressal, emphasizing consumer protection in financial services.